Millennium Post

SBI set to launch West Bengal Govt’s small savings scheme

SBI Deputy Managing Director P K Malhotra confirmed this on the sidelines of a business event in Kolkata. The scheme, which is at present available at United Bank of India(UBI) branches, was announced by the West Bengal government in April to provide small investors a safe investment option in the aftermath of the Saradha scam.

 The scheme entails that any individual can invest between Rs 1000 to Rs 1 lakh, and up to Rs 5 lakh with family, in the scheme, is being managed by the West Bengal Industrial Development Financial Corporation (WBIFDC), which is a deposit-taking non banking finance company (NBFC). ‘But at any given point of time, your bank deposits should not cross Rs 25 lakh’, said a highly placed official at WBIFDC.

With a lock-in period of  six months, the scheme would have investment tenure between one to five years, Chief Minister Mamata Banerjee had announced. The plan would be implemented by four banks—State Bank of India, UCO Bank, Allahabad Bank and United Bank of India, she had outlined.

‘For the scheme to pick up, we need to appoint agents who have good credibility. Also, a high degree of computerisation is required. SBI with its huge network of branches will definitely add to the accessibility of the scheme’, said sources in WBIFDC.
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